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World economy on the verge of new jobs recession: ILO

According to ILO (International Labor Organization), the employment situation is shaky around the world.

The global economy is on stage where there is deeper jobs recession and that may set fire to social unrest.

It also said that it may take five years at least for making employment in advanced economies to return from this.

From 118 countries the ILO noted that in 45 countries the risk of social instability was rising.

In another analysis, OECD stated that G20 leaders meeting require taking bold decision.

OECD (Organization for Economic Co-operation and Development) said the plans that are announced by the EU leaders on 26th October had been a significant initial step but the measures need to be implemented punctually and forcefully.

The message from OECD to world leaders came as the organization predicted a spiky slowdown in the Euro zone’s growth and warned some countries that they are likely to face some negative growth in upcoming days.

 

'Moment of truth'

 

In World of Work Report 2011, the ILO stated that a over-involved global economic recovery had affect the labor markets dramatically.

It also said that about 80 million net new jobs may be required over the upcoming two years to get back to past employment levels.

But the organization said that the slowdown in growth recommended that only 50% of the jobs needed would be made.

Raymond Torres from ILO said that they have reached the moment of truth and they have a brief window of occasions to avoid major employment problem.

The group also computed levels of dissatisfaction over the lack of jobs and anger over discernment that the burden of the disaster was not being literally shared.

The group also stated scores of different countries faced the probability of social unrest, mainly those in the EU and in Arab region.

Loss of confidence


In the meantime, ILO’s latest projection for the economies of G20, OECD forecast growth in Europe 1.6 percent this year and next year it slowing to 0.3%.

In May, the group also forecast growth of 2 percent per year in 2011 as well as 2012.

It also cut it development forecasts for the US to 1.7 percent in 2011 as well as 1.8 percent in 2012. It had anticipated growth of 2.6 percent as well as 3.1 percent respectively.

OECD said, “Much of the current weakness is due to a generalize loss of confidence in the ability of policymakers to put in place appropriate responses”.

  • Written by Navid Iqbal
  • Category: Companies

Microsoft Registers $19.95 Billion in Revenue Last Quarter

Thanks to robust sales of its software Office 2010 and its gaming motion sensing device Kinect, software giant Microsoft enjoyed a stronger quarter with revenues topping $19.95 billion. By comparison to the same quarter from the year before, the new figure marked a 5% jump. As for quarterly profits, Microsoft reported $6.63 billion, a very slight drop of 0.45% compared to the previous year’s quarter.

The revenue jump was pretty much driven by the company’s Entertainment & Devices division which handles Xbox 360 consoles, Xbox LIVE and first-party games. Among the division’s top achievements is the Kinect (priced at $149.99), which sold over five million units worldwide as of December 31, 2010 and was quickly bought by casual gamers as well as people who suddenly gained interesting in video gaming. Microsoft’s games for the Kinect, including Kinectimals and Kinect Sports, also sold well worldwide. The Entertainment & Devices division grew 55% for the entire year. Shipments of Kinect have reached 8 million shortly after the start of the year.

On computer software, Office 2010 was no less a stellar hit for the company. Its sales easily outpaced Office 2007 by a whopping 50% in the same amount of time it took presence in the market. Released in multiple versions, Office 2010 contains updated editions of Word, Excel, PowerPoint and other known applications, as well as new features such as the Outlook Social Connector (which allows users to connect to their favorite social networks inside the application). Businesswise, Microsoft is doing well and analysts are confident the company will continue to deliver strong performances.

  • Written by Julius
  • Category: Companies

Electric vehicle chargers to be standardized

Daimler, Audi, Ford, BMW, General Motors, Volkswagen and Porsche came to an agreement on how to standardize EV (Electric Vehicle) chargers in USA and Europe.

The standardization comes to ensure that the same system communication as well as identical charge plugs between the car and the charger will be used.

The decision to unite all under a combined system is based on reviews of existing charging systems, various designs for the connecter and the preferences of most drivers in the United States and Europe as shown by run statistics.

Drivers who own an electric car produced by one of these major automakers will no longer have to worry about compatibility between their car and chargers found in stations or on the road.

  • Written by Julius
  • Category: Companies

Consumer Confidence in America Continues to Be Strong

As big name corporations like Microsoft and General Motors (GM) reported solid improvements on their sales and revenues, it is pretty clear that consumer confidence all over America remains strong. Just last month, about 820,000 cars and trucks were bought by consumers and the figure marks a 17% leap over what was sold in the same month from 2009. Not only that, a bull run in stock market is making waves around the world as more companies reported strongly positive results of their respective businesses.

In a private sector report released recently, economists stated that there is a rising tide of optimism among consumers as well as improved labor conditions. In another report, the Conference Board reported that its consumer index reached a score of 60.6 as of last month. The figure is a remarkable improvement over the 53.3 rating reported last December. Recently, the National Association for Business Economics indicated that the number of business firms planning to hire more employees is now at a 12-year high based on their survey.

The improved consumer confidence of the last several months is not just benefiting businesses. In fact, state tax revenues in the 4th quarter of 2010 jumped by around seven percent based on a study that covered 41 states. If the reported revenues continue that pace with the inclusion of more states, they would most likely end up as the strongest gains since the 2nd quarter of 2006. Still some skeptics believe that the high riding consumer confidence will weaken somewhat if unemployment worsens and global oil prices spike.

  • Written by Julius
  • Category: Companies

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